Spain’s Portobello Capital Said to Sell Cie Stake to BlackRock

Portobello Capital, a Spanish private equity firm, sold its stake in car-parts maker Cie Automotive SA (CIE), according to two people with knowledge of the matter.

BlackRock Inc. (BLK) bought the stake, said one of the people, who asked not to be identified because the buyer hasn’t been announced. Portobello sold 4.94 million shares, or about a 4.3 percent of Cie, at 5.98 euros apiece, valuing the stake at 29.6 million euros ($38.5 million), according to data compiled by Bloomberg. JB Capital Markets managed the transaction.

Cie shares climbed as much as 2.2 percent to 6.06 euros and gained 0.3 percent at 4:10 p.m. in Madrid, valuing the Bilbao, northern Spain-based company at 678 million euros.

Portobello invests in companies with enterprise values between 50 million euros and 500 million euros across industries in Spain and Portugal, according to its website. Juan Luis Ramirez, a founding partner at Portobello responsible for monitoring the stake in Cie, wasn’t immediately available for comment when contacted by Bloomberg News today.

A BlackRock spokeswoman in London and Cie spokesman declined to comment on the transaction.

Cie is expanding into emerging markets including Brazil, Mexico, Russia and India as auto sales in Europe fall. Last month, Mahindra & Mahindra Ltd. (MM), India’s most acquisitive manufacturer, said it will buy a 13.5 percent stake in Cie as the companies merge their component-supply businesses into a unit with annual sales of $3 billion.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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